Sunday, May 9, 2021

BC eases limits on payment arrangements subject to regulation

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The new resolution also released closed payment arrangements from a payment institution that has already been authorized by the BC.

O central bank updated the regulation of payment arrangements, establishing that only those of larger size remain subject to its regulation and supervision, and relaxed the rules for the settlement of card receivables.

The changes are in a resolution published on Thursday.

The BC increased the minimum volume of negotiations per year from an arrangement to 500 million to 20 billion reais and from 50 million to 100 million transactions per year so that it is subject to the regulation of the autarchy.

The monetary authority also made clearer the definition of limited-purpose arrangements, which operate in specific segments, such as toll payment or parking, and which are not regulated by the BC.

The BC’s expectation is that, with these two changes, 25 accreditation arrangements already authorized or in the process of authorization will be exempt from regulation, reducing costs for companies.

The new resolution also released closed payment arrangements from a payment institution that has already been authorized by the Central Bank. In closed arrangements, the arrangement’s creator, or company controlled by him, is responsible for issuing and accrediting payment cards.

The new resolution also authorized card accreditors and sub-accreditors to advance payments to storeowners who are part of the arrangement at any time of the day, every day of the week. Currently receivables are settled only during business hours, once a day.

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